Consensus

The following consensus is based on reports of research analysts from banks and financial institutions regularly publishing research on the shares of CTT – Correios de Portugal, S.A. (“CTT”). Due to the dynamic nature of these reports, it is not possible to ensure that the consensus is permanently complete and updated.

Hence, it is presented merely for information purposes and does not constitute an offer, or solicitation to buy, keep or sell shares or any other financial instruments, nor does it represent an advice, recommendation or suggestion by CTT to invest in or disinvest from any financial instrument.

2018

Updated: 10-10-2018

Consensus 2018 (€m) Average Min. Max.
Revenues (1) 697.4 683.0 716.6
    - Mail, Other and Adjustments 485.5 477.0 490.7
    - Express & Parcels 147.5 139.0 157.1
    - Financial Services 42.6 34.0 54.1
    - Banco CTT 21.8 15.3 27.0
Recurring EBITDA (1)(2) 84.3 73.7 93.0
    - Mail 75.4 61.1 81.2
    - Express & Parcels 3.7 2.8 4.6
    - Financial Services 17.9 11.5 24.3
    - Banco CTT -12.7 -15.2 -11.5
Reported Net profit 23.0 8.0 31.1
Dividend 21.7 0.0 27.0

(1) Not all brokers disclose estimates per business unit. Therefore divisional figures do not add up to the totals.
(2) Recurring EBITDA when available. If not available, reported EBITDA is considered. Intermoney estimates €56m reported EBITDAP in 2018, but considers €20m of costs with Operational Transformation Plan, which are added back for coherence with the recurring EBITDA consensus.

Source: Barclays, BBVA, BPI, CaixaBI, Goldman Sachs, Haitong, Intermoney, Jefferies, Santander (currently under revision).
Disclaimer:

This consensus was drafted on the basis of reports on the performance of the CTT businesses regularly issued by research analysts of the institutions mentioned in the table appearing under “Analysts”. Any opinions, estimates, assessments, forecasts or predictions made by said researchers are of their sole and exclusive responsibility and do not represent opinions, estimates, assessments, forecasts or predictions of CTT or its management. CTT’s reference within this website to such information, assessments, conclusions or recommendations does not imply an endorsement of or agreement with such reports.

CTT does not assume any responsibility whatsoever regarding the accuracy of the information in this consensus, nor regarding any use of this information, namely in the making of investment or disinvestment decisions. Thus being, CTT shall not have any liability whatsoever for damages or losses arising from the use of the information herein, nor does it undertake any obligation to update it.

Updated: 14-03-2016

Consensus (€m) Average Min. Max.
Revenues (1)
731.2 719.6 754.5
   - Mail, Other and Adjustments 521.0 512.0 526.4
   - Express & Parcels 132.6 131.0 136.0
   - Financial Services 77.8 74.2 87.9
Recurring EBITDA (1)(2)
142.3 136.0 150.0
   - Mail 101.9 99.0 104.0
   - Express & Parcels 3.3 0.8 6.0
   - Financial Services 36.8 33.2 40.0
Reported Net profit 74.8 62.8 87.0
Dividend 70.9 69.0 73.5
(1) Not all brokers disclose estimates per business unit. Therefore divisional figures do not add up to the totals.
(2) Recurring EBITDA when available. If not available, reported EBITDA is used.

Source: Banco BIG, Barclays, BBVA, BPI, Caixa BI, Fidentiis, Goldman Sachs, Haitong Bank, Intermoney, Investec, Jefferies, JP Morgan, Main First, Morgan Stanley, RBC, Santander.
Disclaimer:

This consensus was drafted on the basis of reports on the performance of the CTT businesses regularly issued by research analysts of the institutions mentioned in the table appearing under “Analysts”. Any opinions, estimates, assessments, forecasts or predictions made by said researchers are of their sole and exclusive responsibility and do not represent opinions, estimates, assessments, forecasts or predictions of CTT or its management. CTT’s reference within this website to such information, assessments, conclusions or recommendations does not imply an endorsement of or agreement with such reports.

CTT does not assume any responsibility whatsoever regarding the accuracy of the information in this consensus, nor regarding any use of this information, namely in the making of investment or disinvestment decisions. Thus being, CTT shall not have any liability whatsoever for damages or losses arising from the use of the information herein, nor does it undertake any obligation to update it.

Updated: 10-10-2018

Consensus 2018 (€m) Average Min. Max.
Revenues (1) 697.4 683.0 716.6
    - Mail, Other and Adjustments 485.5 477.0 490.7
    - Express & Parcels 147.5 139.0 157.1
    - Financial Services 42.6 34.0 54.1
    - Banco CTT 21.8 15.3 27.0
Recurring EBITDA (1)(2) 84.3 73.7 93.0
    - Mail 75.4 61.1 81.2
    - Express & Parcels 3.7 2.8 4.6
    - Financial Services 17.9 11.5 24.3
    - Banco CTT -12.7 -15.2 -11.5
Reported Net profit 23.0 8.0 31.1
Dividend 21.7 0.0 27.0

(1) Not all brokers disclose estimates per business unit. Therefore divisional figures do not add up to the totals.
(2) Recurring EBITDA when available. If not available, reported EBITDA is considered. Intermoney estimates €56m reported EBITDAP in 2018, but considers €20m of costs with Operational Transformation Plan, which are added back for coherence with the recurring EBITDA consensus.

Source: Barclays, BBVA, BPI, CaixaBI, Goldman Sachs, Haitong, Intermoney, Jefferies, Santander (currently under revision).

Updated: 05-03-2018

Consensus 2017 (€m) Average Min. Max.
Revenues (1)
694.9 673.9 719.4
   - Mail, Other and Adjustments 499.7 479.1 524.2
   - Express & Parcels 132.9 128.8 133.1
   - Financial Services 62.8 60.3 66.0
   - Banco CTT 7.7 7.0 8.1
Recurring EBITDA (1)(2)
84.8 76.0 89.0
   - Mail 74.8 67.3 80.0
   - Express & Parcels 0.8 -1.0 3.8
   - Financial Services 31.5 30.4 33.5
   - Banco CTT -22.2 -25.6 -20.0
Reported Net Profit
33.3 23.0 42.0
Dividend 57.0 57.0 57.0

(1) Not all brokers disclose estimates per business unit. Therefore divisional figures do not add up to the totals.
(2) Recurring EBITDA when available. If not available, reported EBITDA is used.

Source: Barclays, Haitong, BPI, Goldman Sachs, Intermoney, Jefferies, JP Morgan, BBVA, CaixaBI, Jefferies, Santander e Morgan Stanley.

Updated: 10-10-2018

Consensus 2018 (€m) Average Min. Max.
Revenues (1) 697.4 683.0 716.6
    - Mail, Other and Adjustments 485.5 477.0 490.7
    - Express & Parcels 147.5 139.0 157.1
    - Financial Services 42.6 34.0 54.1
    - Banco CTT 21.8 15.3 27.0
Recurring EBITDA (1)(2) 84.3 73.7 93.0
    - Mail 75.4 61.1 81.2
    - Express & Parcels 3.7 2.8 4.6
    - Financial Services 17.9 11.5 24.3
    - Banco CTT -12.7 -15.2 -11.5
Reported Net profit 23.0 8.0 31.1
Dividend 21.7 0.0 27.0

(1) Not all brokers disclose estimates per business unit. Therefore divisional figures do not add up to the totals.
(2) Recurring EBITDA when available. If not available, reported EBITDA is considered. Intermoney estimates €56m reported EBITDAP in 2018, but considers €20m of costs with Operational Transformation Plan, which are added back for coherence with the recurring EBITDA consensus.

Source: Barclays, BBVA, BPI, CaixaBI, Goldman Sachs, Haitong, Intermoney, Jefferies, Santander (currently under revision).